Van ECK Associates Corp Invests $446,000 in Reddit, Inc. (NYSE:RDDT)

Van ECK Associates Corp acquired a new position in shares of Reddit, Inc. (NYSE:RDDT) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 2,727 shares of the company’s stock, valued at approximately $446,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. FMR LLC grew its position in Reddit by 302.8% during the 3rd quarter. FMR LLC now owns 12,157,591 shares of the company’s stock worth $801,428,000 after acquiring an additional 9,139,196 shares during the last quarter. Jennison Associates LLC bought a new stake in Reddit during the 4th quarter worth $494,861,000. Holocene Advisors LP grew its position in Reddit by 177.6% during the 3rd quarter. Holocene Advisors LP now owns 3,005,977 shares of the company’s stock worth $198,154,000 after acquiring an additional 1,923,109 shares during the last quarter. Point72 Asset Management L.P. grew its position in Reddit by 3,172.0% during the 3rd quarter. Point72 Asset Management L.P. now owns 2,296,068 shares of the company’s stock worth $151,357,000 after acquiring an additional 2,225,895 shares during the last quarter. Finally, Lord Abbett & CO. LLC grew its position in Reddit by 1,519.4% during the 3rd quarter. Lord Abbett & CO. LLC now owns 1,650,362 shares of the company’s stock worth $108,792,000 after acquiring an additional 1,548,450 shares during the last quarter.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on RDDT. JMP Securities boosted their price objective on Reddit from $190.00 to $200.00 and gave the stock a “market outperform” rating in a research report on Thursday, February 13th. Seaport Res Ptn upgraded Reddit to a “hold” rating in a research report on Thursday, February 6th. JPMorgan Chase & Co. upped their price target on Reddit from $142.00 to $185.00 and gave the company a “neutral” rating in a research report on Thursday, February 13th. Sanford C. Bernstein upped their price target on Reddit from $65.00 to $85.00 and gave the company an “underperform” rating in a research report on Wednesday, October 30th. Finally, Jefferies Financial Group upped their price target on Reddit from $120.00 to $175.00 and gave the company a “buy” rating in a research report on Monday, November 25th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $175.95.

Insider Transactions at Reddit

In other news, CFO Andrew Vollero sold 19,838 shares of the stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $143.22, for a total value of $2,841,198.36. Following the completion of the sale, the chief financial officer now directly owns 703,615 shares of the company’s stock, valued at $100,771,740.30. This represents a 2.74 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CTO Christopher Brian Slowe sold 5,000 shares of the stock in a transaction that occurred on Wednesday, January 22nd. The stock was sold at an average price of $184.15, for a total value of $920,750.00. Following the completion of the sale, the chief technology officer now directly owns 35,252 shares of the company’s stock, valued at approximately $6,491,655.80. This trade represents a 12.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 219,838 shares of company stock valued at $38,201,526 over the last ninety days.

Reddit Stock Performance

RDDT stock opened at $166.27 on Friday. The stock’s 50 day simple moving average is $184.13 and its 200 day simple moving average is $123.65. Reddit, Inc. has a fifty-two week low of $37.35 and a fifty-two week high of $230.41. The company has a market cap of $30.08 billion and a P/E ratio of -21.51.

Reddit (NYSE:RDDT) last posted its quarterly earnings results on Wednesday, February 12th. The company reported $0.36 earnings per share for the quarter, topping analysts’ consensus estimates of $0.24 by $0.12. Reddit had a negative return on equity of 24.71% and a negative net margin of 37.25%. Equities analysts predict that Reddit, Inc. will post 1.12 earnings per share for the current year.

Reddit Company Profile

Reddit, Inc operates a website that organizes digital communities. It organizes communities based on specific interests that enable users to engage in conversations by sharing experiences, submitting links, uploading images and videos, and replying to one another. The company was founded in 2005 and is headquartered in San Francisco, California.